Fair Lending Testing: Best Practices, Trends and Training

Publication Date: February 1, 2008

Author(s):

Paul C. Lubin

UCC08-4: History has shown that self-testing and self-assessment techniques are powerful tools for uncovering problems in business practices and policies. For the consumer seeking credit these problems may manifest in the inability to obtain information to make appropriate credit decisions. For the lender and financial institution it can result in unsafe business practices, discrimination and misleading or unfair practices which in turn result in lost business, damage to reputation and hefty financial penalties. For the nation these problems can result in inefficient and unsound credit markets where inappropriate credit decisions are made by the consumer and lender. These problems may ultimately limit the growth of household and national wealth…

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